business studies - promotion

Define promotion?
part of the marketing mix that focuses on persuading people to buy the product of service.
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What are the types of promotion for LT sales?
Branding, advertising and public relations/
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LT -Branding - Define branding?
Branding is the process of creating a distinctive and lasting identity in the minds of consumers.
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Branding - What are the advantages of branding?
Reduces amount spent on promotion / better chance of repeat purchase / retailers will put products in their stores/ other products can be promoted using the same brand name/
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LT - Advertising - Define advertising?
process which creates a distinctive image of the business or product.
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LT - Public relations - Define public relations?
An attempt to affect customers image of a product without spending on media advertising.
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Public relations - What does it involve?
Making contacts with journalists to try and get favourable mentions.
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What are the types of promotion for boosting ST sales?
Sales promotions / direct selling / merchandising.
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ST - Sales promotion - Define?
such as special offers, BOGOF.
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ST - Sales promotion - What are the advantages?
could attract new customers from the lower prices, and then stay loyal after the promotion has ended, which could increase revenue.
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St - Sales promotion - What are the disadvantages?
customers stocking up on the product when its on offer / may undermine the brand image.
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ST - Direct selling - Define?
approaching potential customers directly.
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ST- Direct selling - disadvantages?
costly due to the labour costs / only affordable if there are a huge financial reward to the seller.
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ST-Merchandising - Define?
This involves employees visiting retailers to ensure that a brand's display looks eyes catching and tidy.
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Define the promotion mix?
a combination of promotional methods used by a business in marketing its products.
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what factors does the promotional mix depend on?
The size of the market / The type of product / The cost
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Market research - why would a business carry out market research?
in order to develop the best promotional campaign, so the business has the necessary knowledge about the product and market.
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Market research - Advantages?
The business can determine its target audience / if the business understands why customers are choosing rival products it can design promotional material to address the issue.
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What is meant by effective promotion?
Means striking a balance between coverage, cost and results.
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Why would a business need to monitor their promotional activity?
To see it is having the desired affect, only effective if it promotes brand awareness and increases sales.
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How important is promotion?
very important otherwise how would customers no about products and even if the business exists.
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What does the importance of promotion depend on?
The competitiveness of the market / Availability / How easily the product can be differentiated in the market / The stage of the product life cycle.
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Define market research?
gathering information about customers and competitors.
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Other cards in this set

Card 2

Front

Branding, advertising and public relations/

Back

What are the types of promotion for LT sales?

Card 3

Front

Branding is the process of creating a distinctive and lasting identity in the minds of consumers.

Back

Preview of the back of card 3

Card 4

Front

Reduces amount spent on promotion / better chance of repeat purchase / retailers will put products in their stores/ other products can be promoted using the same brand name/

Back

Preview of the back of card 4

Card 5

Front

process which creates a distinctive image of the business or product.

Back

Preview of the back of card 5
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